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Oct 9, 2015 8:03 EST

Fort Myers Florida Fix and Flip: 5105 Westminster Drive, Fort Myers, Florida

iCrowdNewswire - Oct 9, 2015

Fort Myers Florida Fix and Flip

Investment Summary

This is a prefunded purchase & rehab opportunity for a Single Family Residential property in Florida. The subject property address is 5105 Westminster Drive, Fort Myers, Florida.

The developer is requesting a loan of $125,000 in order to purchase and renovate the underlying property. The property was purchased for a total of $170,100 in September of 2015. There is new roof needed for the property, totaling $10,000. The developer will do other minor updates, yet pay for these himself. The borrower will receive 2 draw(s) totaling $125,000 over the course of the loan. The initial draw in the amount of $120,000 occurs at the closing of the loan to purchase the property and cover the deposit for the roofing. The second draw of $5,000 will be disbursed after completion of roof repair. The borrower plans to sell in one year or under.

5105 Westminster Drive

  • Purchase Price: $170,100
  • Renovation: $10,000
  • After-Rehab Value: $195,000

An independent third party BPO commissioned by Patch of Land, shows an After Repair Value (ARV) of $195,000 for 5105 Westminster Drive. The ARV ratio is 64.1% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding the underlying property in this area of Fort Myers is stable and supply and demand are in balance.

Property Overview

5105 Westminster Drive was built in 1965, located in the suburban neighborhood of Fort Myers, Florida. The property has 5 rooms including 3 bedrooms and 2 bathrooms, with a gross living area of 1,847 sq. ft. on a 17,860 sq. ft. lot The property will remain 1,847 sq. ft. after renovations. The property is close to local goods, Lee County schools, public transportation routes, shopping centers. It is also a short drive to beaches and the Whiskey Creek Country Club.

Renovation

5105 Westminster Drive

There is a new roof needed for the property. The developer will do other minor updates, yet pay for these himself.

 

Contact Information:

RC Quality Services, LLC

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